Oct 25 (Reuters) - Australia's Ampol ALD.AX reported a significant increase of 65% in operating earnings for the third quarter. This growth can be attributed to strong refinery margins and the success of its fuels and infrastructure business. Ampol, the leading fuel retailer in the country, experienced higher fuel sales in Australia during this period, largely driven by the demand for diesel and jet fuel as the aviation industry recovers from the pandemic.
The Lytton refinery in Queensland achieved refining margins of $19.69 per barrel, compared to $15.46 per barrel a year ago and $10.29 per barrel in the first half of fiscal 2023. The strength in Ampol's gasoline and diesel product cracks played a significant role in this improvement.
On a replacement cost basis, excluding inventory and foreign exchange changes, quarterly earnings before interest and tax for the company reached A$438.2 million ($278.56 million), marking a 65% increase compared to the previous year.
In terms of production, the Lytton refinery produced 1.57 billion liters (BL) during the quarter, slightly higher than the 1.55 BL produced a year ago. Moreover, total fuel sales volumes witnessed a considerable increase of 26%, reaching 7.05 BL.
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